Barratt profits hit by downturn

UK housebuilder Barratt Developments has reported a steep fall in profits as the property slump begins to bite.

The firm, which is cutting more than 1,000 jobs, said profit before tax totalled £137.3m in the year to 30 June, down 68% from a year earlier.
But Barratt said in light of "the extremely challenging market", the results were satisfactory.
The firm said its average selling price had risen 6% because of high-value sales in upscale London locations